Any good forex signals service ?

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FXmaster only has a profit factor of 1.29
for the trades done through fx-auto so
that means the risk/reward is poor
and that explains why you should
not risk more than 2%/trade.
 
If there are results that's fine risking less. Thanks for the input regarding FX master. I'll just stick to the signals I receive I guess. I shouldn't be too greedy especially in a market that doesn't follow guidelines. I'm going back to school to get a day job so I won't quit it for the forex...:D
 
Quote from NickBarings:

Peter35,


So the max loss per trade is around
100 pips.

What was the max drawdown you had
to reach your 70% profit ?
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They use 80 pips stop loss. I trade with 2$/pip risk which means that my risk/trade is 1.6%. The worest drawdown i remember costed me about 20 % of my balance.
 
Quote from Peter35:

Hi Kazoo,
I still trade with Fxmaster. I tried several forex trading signals services and i wasn't lucky enough. Even at the beginning with Fxmaster they had some big drawdown. Anyway, after some time they recover what they lose and they are already in profit. The most important when trading with fxmaster signals is to stick to some strict conservative money management plan. They adviced me to risk as low as 2% of my balance per trade which proved to be very effective money managemnet since i was able to survive their drawdowns. It's very dangerous if you risk too much then a few losing trades in a row will wipe away your whole trading balance.
I started trading their signals with around 10,000$ and i risk 2$/pip. During 2005 my balance grew up to 14,000$ which is 40% profit per year. Until August 2006 my balance is 17,000$. My balance is almost doubled but i still risk 2$/pip. I will not change this risk ratio until my balanc is over 20,000$.

Regarding the source of income,well..i make good money from forex trading BUT i will NEVER think of quiting my job and earn my living from forex. I mean it's still not guruanteed that i will be making regular profits forever.
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Thanks, Peter, for answering my questions. However, I am still interested in knowing if you are using the FX-Auto automated trading service to make all your trades for you. I would like to know how well the FX-Auto service is working. I guess I have a fear that for some reason there may be a case where it will not close out a trade for me and all my money will be wiped out.

Also, are you compounding the profits on your trades to make more money? It appears from the figures you gave that you are not compounding your profits on each of your trades. If you had been compounding your profits on every trade then, in the 2+ years you've been with FXmasters, you should have much more in your account than $17,000.

If you are not compounding your total account (including profits) on your trades then that is something you might want to consider.
 
Quote from kazoo:

Thanks, Peter, for answering my questions. However, I am still interested in knowing if you are using the FX-Auto automated trading service to make all your trades for you. I would like to know how well the FX-Auto service is working. I guess I have a fear that for some reason there may be a case where it will not close out a trade for me and all my money will be wiped out.

Also, are you compounding the profits on your trades to make more money? It appears from the figures you gave that you are not compounding your profits on each of your trades. If you had been compounding your profits on every trade then, in the 2+ years you've been with FXmasters, you should have much more in your account than $17,000.

If you are not compounding your total account (including profits) on your trades then that is something you might want to consider.
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I started using Fx-auto in June. So far, i find their software very reliable. Trades are executed in seconds once the price is filled. I don't think that your account can't be wiped out. They executed the trade in your trading account with stop loss which is entered in your trading account. I mean if this sl is not filled then it may be problem of the broker not Fx-auto. They trade with FXDD and i never heard that FXDD is not filling the stop loss or take profit limits.

Regarding compounding, well....it's part of my money management is that i don't compound profit until i reach some level where my initial investment is secured. I mean ,for example, if i have 10,000$ and in first month i made 50% profit then my balance is 15,000$ if i compound the profit and in 2nd month i make loss of 50% this means that my loss is 7,500$. but if i don't compound the profit my loss should 50% of 10,000$ which is 5,000$ only. Ofcourse if i had compounded with fxmaster for last 2 years i would have made more profit but we see now that they made profit ,i mean i didn't know at that time will they make profit or loss. I mean that compounding means more profit if you are winning but it means more loss if results are bad. I prefer to run a conservative money management. My target is to get my initial investment back (withdraw my initial balance from my account) then i can trade with the profit i already made.
 
(edit: I have posted essentially the same message below on another fx forum. I only got a few responses there. Therefore I decided to post my message here because I am trying to get all the facts I can before making a decision on risking my money with a signal provider. Also, by posting this info it will give others information to help them decide on the best signal provider. Please do not accuse me of spamming.)

I'm really suprised that I haven't seen any posts on this forum or many reviews on the web about OMI-FX. At the time of this posting it has made the most pips of the signal providers being monitored at fx-auto.com. In fact, it has over double the number of pips of the signal provider with the next highest number of pips (Fxmaster). And to make it more impressive, OMI-FX has been trading with fx-auto only since April. Fxmaster has been trading there since February - giving it 2 months more time to make its pips. Despite this fact, OMI-FX still managed to more than double the number of pips than it's nearest competitor (Fxmaster) at fx-auto.com. OMI-FX is currently averaging 10 pips per trade there and has a good Profit Factor. It also has a pretty decent winning percentage of 57.66% (when compared to most others that have made many trades). Again, this is at the time of this writing. If you are reading this message weeks, months or years later, then the numbers may have changed - either for the better or the worse. By looking at their (OMI-FX.com) website, they apparently have been giving live trade signals since Jan. 2005. If you go to their website you will see they have been doing very well since that time. So my point is they have been doing well for a while. I checked their trading results posted on their website for the past couple of days and compared it to what fx-auto said they made. It was accurate. So they are apparently honest. I did not check ALL of their trades to see if they all match fx-auto, but I'm assuming those are accurate also. Being that OMI-FX is doing so well, I figured there would be much more talk here about it, but it has not been mentioned much. I would be interested in hearing other people's opinion about this company.

I haven't signed up with a signal provider yet because I'm trying to decide which is the best one. I have narrowed it down to 3 services (in this order):

1. http://www.omi-fx.com
2. http://www.fxmaster.net
3. http://freedomrocks.com

1. OMI-FX: I am leaning towards this service for all the reasons I listed above, plus they guarantee 300 pips per month or your next month is free. The only thing that worries me about it is the lack of reviews about it. First of all I haven't seen many reviews about it -- even though it has been doing very well since Jan. 2005 (going by their performance numbers posted on their website). Fx-auto.com has been monitoring OMI-FX trades since April of this year and has shown to put up good numbers. I tried searching on the web and couldn't find anyone other than this site giving out reviews/opinions of it. If anyone knows of any fx trading forums in which OMI-FX is being discussed, please post the info here.

2. Fxmaster: Now, FXmaster is the opposite of OMI-FX in terms of "publicity". I have seen much written about Fxmaster on several forums. From what I've seen, it seems to be a honest, legitmate company that is profitable. Were it not for the fact OMI-FX has over double the number of pips that Fxmaster has ( of the trades monitored at fx-auto.com), I would choose Fxmaster. I'm only still considering it because I've seen more confirmation and info about it than OMI-FX.

3. FreedomRocks: This is not one of the services that fx-auto is monitoring but it is one that has really intrigued me. I have been reading a lot of good things about it. I like the idea of hedging ... though I have never made a hedge trade before. And I like the idea of earning interest. From what I've read about it, it doesn't seem to have many losses. I don't know if it is because the system may require it to hold onto a trade until it is in positive terrrority or what. That's the feeling I get, but as I said I don't know if that is the case. I signed up for a few months ago but I was confused to how it worked. I never could figure out how to get it's trade recommendations. I guess the problem must have been more with me than the system because apparently nobody else is having any trouble figure out how this program works. If I decide to give it another shot then I'm going to get a freind of mine to help me figure it out.

So traders, which of these 3 is the best?

Topgun
 
Quote from topgun4321:


I haven't signed up with a signal provider yet because I'm trying to decide which is the best one. I have narrowed it down to 3 services (in this order):

1. http://www.omi-fx.com
2. http://www.fxmaster.net
3. http://freedomrocks.com
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Well, I checked out the two first ones. Their drawdown is huge! Besides, if you have to split the risk in four, the signals from fxtasystems do as good as them. They're not as fancy in their web design though :) The worst drawdown was around 70 pips. I followed allforexsignals when they were alive, cost me a fortune per month but they never had too many trades open at the same time. What happened to them anyways, can anyone help me find out if they're just taking a break to reconfigure? I would try them again.
 
Quote from massiv:

the signals from fxtasystems do as good as them. They're not as fancy in their web design though :)
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Sorry to disappoint you but this fxtasystems you talk about looks like crap!

First of all, they claim in their website that they trade since November 2005! I did Whois search on their website and i found the following :

Registered through: GoDaddy.com, Inc.
Domain Name: FXTASYSTEMS.COM
Created on: 08-Jun-06
Expires on: 08-Jun-09
Last Updated on: 04-Aug-06

The website was created on June 2006! So they appeared just 2 months ago! I'm sure that the results they post are fake.

Quote from massiv:
The worst drawdown was around 70 pips.
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Well, before talking about max drawdown, tell us what's their average results per month?! In their best month they made +100 pips! I will never waste my time for whole month to make just +100 pips. Anyway, i believe that this performance is fake.

Their website is very simple.A home page and 4 pages linked to it. My 13 years old daughter can do something better than this.

This fxta doesn't look profesional at all.

Fxmaster made +1200 pips in August. That's what i call real forex trading. I prefer to lose 600 pips in one month then make 1200 pips next month than going with a service that can't make more than 100 pips per month.
Another promissing service that appeared recently in fx-auto is Omi-fx and they made +1500 pips in August.Anyway, they are still new and i will keep an eye on them for few months.
 
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